Exercise 15-7 Sales-type lease with no selling profit lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on Jenuary 1,2018. Edison purchased the equpment from International Machines at e cost of $139.207 (FV of $1. PVW of $. EVA of S1. PVA of S1. FVAD of $1 and PVAD of SD (Use eppropriate factorls) from the tables provided.) Leese term Quarterly rental paynents Economic life of asset 2 years (8 quarterly periods) $18,9e at the beginning of each perlod 2 years $139,187 Implicit interest rate (Aiso lessee's increnental bonrowing rate) Required: Prepere e lease amortizetion schedule and appropriste entries for Edlison Leasing from the beginning of the lease through Jonuary 1, 2019. Edison's fiscal yoar ends December 31 Complete this question by entering your answers in the tabs below. General Schedule Journal Prepare a lease amvortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (Enter your answers in whole dollers and not in millions. Round your intermediate and final anawers to nearest whole dollar. Enter al amounts as postive values.) Decrease cate Payments Interest in Balance 01101/2018 139 107 s 10,000 121.107 211 16,78104318 01/01/2018 18,000 18.000 1 07/012018 1043 16.957 8740 17 12 87,361 1001/2018 Required: Prepar 2019 Edison's fiscal year ends December 31 e a lease amortization schedule and appropriate entries fo r Edison Leasing from the beginning of the lease through Jenuary1 Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dolilar. Enter all amounts as positive values.) Lease 139 107 os 18,000 121.107 01101/2018 01/01/2018S 18000 e 1,211- 0401201818000 12116.7899104318 104316.95787,361 17,126 70.236 52 937 35 486 07/01/2018 1001/2018 0101/2019 18.000 18,000 18,000 18,000 02 17.298 529 17,471 355 17645 17,821 4893 IS 139 107 04/01/2019 18.000 10/01/2019 Total 179 144,000 S General Jounal Complete this quesion by enterning your aiswers l tuhe taus bero Amort Schedule General Journal Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison's fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.) Show less No Date General Journal Debit Credit January 01, 2018 139,107 Right-of-use asset Lease payable 139,107 January 01, 2018 18.000 e Lease payable Cash 18 1,211 16,789 3 April 01, 2018 Interest expense Lease payable 18,000 3 Cash 1,043 3 16,957 4 July 01,2018 Interest expense Lease payable 18,000 3 Cash October 01 2018 874 17.126 Interest expense Lease payable Cash 18,000 December 31 702 3 January 01 20 Interest expense 19 17.298 Lease payable 18.000 Cash